Tuesday, October 08, 2013

EConsult Report on SEPTA and Real Estate Value

Econsult has produced a 10 page report on the effect of proximity to a SEPTA station on real estate prices in Bucks, Chester, Delaware, and Montgomery Counties.  The full report is available freely online, as is a brief executive summary.

Here is an excerpt:

Our analysis found that the average property value premium attributable to Regional Rail across Bucks, Chester, Delaware and Montgomery counties is approximately $7,900 per house. Applying this average value to the over 754,000 single-family homes in the four counties results in approximately $6.0 billion in aggregate property value impacts generated by SEPTA Regional Rail Stations, with the impacts distributed across all four counties. This represents the value of accessibility generated by SEPTA in the suburban counties and does not value the loss associated with a diminished economy or increased congestion. As such this should be thought of as a lower bound estimate of the property value impacts resulting from the suspension of SEPTA Regional Rail service. 

I live within a mile of a transit station.  It was a factor in why we bought where we did.  I would not want to live anywhere in this area that wasn't within walking distance of public transit.  

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